PayPal announced yesterday that it has added an option for instant transfers to bank account. Users can now pay a small fee to have their funds in their account almost immediately. The new service comes with a fee and it’s the same money transfer feature that PayPal has offered for a while now. It just makes it easier and more visible for users, by showing it as an option under the PayPal balance.
You need to add an eligible debit card (Visa or Mastercard) to instantly transfer your money to your bank. There’s a 1% fee (max $10). Or you can still use the free standard option and get your money in about a day. Instant Transfers may take up to 30 minutes and vary by bank.
Instant transfers to a bank account is coming to PayPal by way of a partnership in the U.S. it has with JPMorgan Chase, which has access to the real-time payments network built by The Clearing House, a platform established by the major banks to work on creating faster payment networks TechCrunch reports.